Hydrogen Refueling Equipment Market at a Highest CAGR of 35.3% with Top Players | Air Liquide (France), Air Products and Chemicals, Inc. (US), Linde plc (Ireland), Nel ASA (Norway), McPhy Energy S.A. (France) and More

The Global Hydrogen Refueling Equipment Market in terms of revenue was estimated to be worth USD $380 billion in 2023 and is poised to grow at a CAGR of 35.3% from 2024 to 2031, A hydrogen fueling station is a dedicated infrastructure engineered to provide hydrogen gas to Fuel Cell Vehicles (FCVs) and other vehicles powered by hydrogen. These stations are pivotal in facilitating the uptake of hydrogen fuel cell technology as a green and sustainable substitute for traditional fossil fuels.

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Across the globe, governments of different nations are strategizing the development of numerous hydrogen facilities. These planning initiatives suggest that approximately 1,100 hydrogen stations worldwide could sustain between 1.5 million to 2.5 million fuel cell vehicles in the primary markets of Asia, Europe, and North America in the foreseeable future. With over 16% of global greenhouse gas emissions originating from the transportation sector, governments are actively exploring alternative energy sources for transportation purposes.

Factors Driving Growth of Hydrogen Refueling Equipment Market:

Increasing investments in the development of hydrogen stations
Rising demand for Fuel Cell Electric Vehicles
Transition towards low carbon technologies

Key Market Players of Hydrogen Refueling Equipment Market:

Air Liquide S.A.,
Linde plc,
Nel ASA,
Hydrogenics Corporation (Now part of Cummins Inc.),
McPhy Energy S.A.,
ITM Power plc,
Plug Power Inc,
Ballard Power Systems Inc,
Green Hydrogen Systems A/S,
Hexagon Composites ASA and Others.

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Heightened government initiatives significantly contribute to driving the growth of FCEVs. As per a study conducted by the DOE's National Renewable Energy Laboratory in March 2022, ongoing enhancements in zero-emission vehicle and fuel technologies are projected to lower costs and increase accessibility of clean trucks in the coming decade.

Hydrogen Refueling Equipment Market Segmentations:

By Type:

Small Station (Less than 1 t/d of H2)
Medium Station (1-4 t/d of H2)
Large Station (More than 4 t/d of H2)

by Supply Type:

Off-site
On-site

By Region:

North America (U.S., Canada)
Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

Recent Developments:

In 2023, Air Liquide and TotalEnergies announced a joint venture, with each owning an equal share, to establish a network of hydrogen stations. This collaborative effort aims to enhance hydrogen accessibility, particularly for goods transportation, thereby bolstering the hydrogen sector.

In 2022, Air Products and Chemicals, Inc., Schenk Tanktransport, and TNO partnered on the Clean Hydrogen and Road Transport Project (CH2aRT) to develop hydrogen trucks and a public hydrogen refueling station.

In 2019, McPhy Energy S.A. launched the innovative "Augmented McFilling" hydrogen fueling station, specifically designed for heavy-duty vehicle refueling.

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This release was published on openPR.